Property Management
In West Virginia, a property manager who collects a security deposit from a new tenant must:
AKeep the deposit in their personal account for quick access
BPlace the deposit in a separate trust account and provide required documentation to the tenant✓ Correct
CForward the deposit to the property owner immediately
DUse the deposit for the first month's maintenance expenses
Explanation
Security deposits in West Virginia must be maintained in a separate trust or escrow account and the landlord/manager must provide the tenant with required documentation about where the deposit is held. Proper security deposit handling is critical for legal compliance.
Related West Virginia Property Management Questions
- In a West Virginia commercial triple net (NNN) lease, the tenant is responsible for paying:
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